Why Single Parents Need Life Insurance

Mother playing blocks with her baby boy

Being a single parent is far from easy. And while there are so many things to worry about, wondering if your kids will be okay if something were to happen to you shouldn’t be one of them. Here’s why single parents need life insurance.

  1. You are everything your children have
  2. As a single parent, you are the sole provider for your children. Without you, they have nothing. A life insurance policy can give you the peace of mind of knowing that your children will have a future even if you aren’t around to help them.

  3. Provide for godparents
  4. If you have set up for someone to take your children should anything happen to you, then they may need help financially to take care of them. Even if it’s a small amount, anything can help.

  5. Fund your children’s college education
  6. College is expensive and student loans are astronomical, taking years sometimes decades to pay back. If you aren’t around to help pay for college a life insurance policy can cover part or all of college expenses.

  7. Life insurance doesn’t cost as much as you think
  8. You don’t have to start out with a lot of life insurance coverage. You can slowly add more as you’re able. A 30-year old woman in excellent health can get a $250,000 life insurance policy for approximately $12 a month. A 30-year old man in excellent health can get a $250,000 life insurance policy for approximately $13.50 a month. That’s not a lot to pay per month to ensure that your children are safe.

Some Things to Remember When Getting a Life Insurance Policy for Your Children

It’s important to know that you can’t put a minor (someone under the age of 18) as the beneficiary on your life insurance policy. To allow your children to have access to the money you’ll have to set up a trust and name it as the policy beneficiary. This also gives you the ability to control how the funds are used.

Single parents are generally extremely busy and don’t have time to set up a life insurance policy and compare prices. That’s why LifePlan Financial does it for you. Use our instant quote tool to compare policies, then contact us to get it started. Not sure how much life insurance you need? We’ve got you covered there too. Download our guide and access our calculator to figure out how much you need to provide for your children.

LifePlan Financial

At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting life insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant term life insurance quote to get started.

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